FG Launches N13bn Mortgage Loan Refinancing Scheme for Civil Servants

The federal government has launched a N13 billion Federal Civil Servants Mortgage Refinancing Scheme through the Nigeria Mortgage Refinance Company (NMRC).

With the scheme, NMRC will refinance mortgages for 5,635 beneficiaries of the federal government workforce.

At the launch in Abuja yesterday, the Minister of Finance, Mrs. Kemi Adeosun stated that in recognition of the importance of housing, the current administration earmarked N40 billion in the 2016 Budget for the implementation of a comprehensive housing scheme to address the housing challenges facing the country, improve the living conditions and welfare of the workforce and people, and generate gainful employment for the nation's teeming youth.

Civil servants she stated, play an important role in nurturing and developing the nation, noting: "It is only fair that those who serve the country can be afforded the opportunity of owning their own home by retirement. We have to put in place the right incentives as part out anti-corruption drive to plug leakages."

"This is also in line with our overall objective of providing the necessary stimulus to kick-start growth in the current challenging economic environment.

"Today, we are proud to announce the scheme for the refinancing of mortgages for 5,635 beneficiaries of Federal Civil Service by the Nigeria Mortgage Refinance Company Plc.

"Civil servants play an important role in nurturing and developing our nation so it is only fair that those who serve the country can be afforded the opportunity of owning their own home by retirement. We have to put in place the right incentives as part out anti-corruption drive to plug leakages," the minister added.